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Emirates Development Bank (EDB) has signed an MoU with Industrial Cities & Free Zone Cluster (IC&FZ) of AD Ports Group to provide financial solutions to industrial companies that form part of the AD Ports Group ecosystem in KIZAD and ZonesCorp.
The MoU was signed between Ahmed Mohamed Al Naqbi, CEO of EDB, and Abdullah Al Hameli, Head of the IC&FZ Cluster.
EDB said in a press statement that it will extend finance to IC&FZ companies for building of new facilities, purchasing, or leasing existing facilities and acquiring, upgrading, and maintaining the units’ physical assets, among other things.
Ahmed Mohamed Al Naqbi said the solutions would help bridge the funding gap for large corporates and SMEs operating in KIZAD.
Abdullah Al Hameli said the partnership with EDB is aimed at broadening the support to clients by facilitating financing solutions and contributing to the UAE’s ‘Operation 300bn’ Industrial strategy.
He said the industrial zones in Abu Dhabi are currently home to over 1,500 businesses operating within the food, logistics, automotive, polymers, metals, oil and gas, life sciences, and advanced technology industries.
IC&FZ Cluster is spread over a total area of 550 square kilometres of which 100 sq.km. is specifically designated as free zone.
(Writing by N Madhura; Editing by Anoop Menon)
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